Register to Access

Having Trouble Logging In?

Contact our technical support help desk at
1.800.366.4673. Representatives are available between
7:00 a.m. to 5:30 p.m. CDT, Monday through Friday.

This website is designed to facilitate the transmission
of mutual fund data, account information and sales
and educational materials to investment professionals.
By accessing this site you are verifying that you are an
investment professional.

Beyond the volatility: is a near-term recession likely?

August has been a highly volatile period for the financial markets. Reignited trade tensions and recent yield-curve inversions have spooked investors, culminating in a 3% drop in the S&P 500 Index on Aug. 14, its worst day of the year. Ivy provides its perspective on these two market moving events.

Ivy Live/ 8.22.19

FAANG: In the government's crosshairs

The big four tech giants – Apple, Amazon, Facebook and Google – are facing antitrust investigations and scrutiny over data privacy. And surprisingly, the push is gaining bipartisan support. Is it just noise for the tech sector or a larger threat to investors?

Market Perspective/ 8.05.19

Fed cuts rates; where do we go from here?

The Fed announced a much-anticipated one-quarter-percentage-point cut to the federal funds rate. Following the decision, Fed Chairman Powell's press conference commentary was perceived as unexpectedly hawkish. While the market had a 'buy the rumor, sell the news’ reaction, but we believe underlying fundamentals should support continued growth during the rest of 2019.

Maximizing the Value of 529 Plans

Parents are preparing their kids to head back to school as the topic of affording college tuition looms large. Discover how you can help your clients with 529 plans.

Genlink

Attracting assets in motion

Over the next few decades, client assets currently held by Traditionalists and Baby Boomers will be controlled by Generation Xers and Millennials, reshaping the traditional financial advisor model. Discover how you can plan for each generation.

Genlink

Why advisors need to understand each generation

Navigating generational differences can be tricky, whether you’re speaking to a younger client or chatting with a long-time client that might be your parents’ age. Knowing each generation can lead to a growing and stable practice.

Ivy Investments

We stand for a legacy of expertise, focused on delivering strong, long-term results. Our name reflects our progressive product offerings and growing global presence as we continue to adapt to the needs of investors.

Seeks international equities by focusing research efforts on a deep understanding of the long-term prospects and intrinsic value of a company.

Morningstar Style Box

Value

Blend

Growth

Large

Medium

Small

Portfolio Management

John P. Goetz

— Pzena Investment Management, LLC (Sub-adviser)

— 1 Years with Fund

— 40 Years in Industry

John P. Goetz joined Pzena Investment Management in 1996 as Director of Research and was named Co-Chief Investment Officer in 2005. Mr. Goetz was appointed President, Co-Chief Investment Officer in June 2007, and became a member of Pzena’s Board of Directors in May 2011. Previously, Mr. Goetz held a range of key positions at Amoco Corporation for more than 14 years, most recently as the Global Business Manager for Amoco’s $1 billion polypropylene business, where he had bottom-line responsibility for operations and development worldwide. Prior positions at Amoco included strategic planning, joint venture investments and project financing in various oil and chemical businesses. Prior to joining Amoco, Mr. Goetz had been employed by The Northern Trust Company and Bank of America. He earned a B.A. summa cum laude in Mathematics and Economics from Wheaton College in 1979 and an M.B.A. from the Kellogg School at Northwestern University in 1982. Mr. Goetz is a co-portfolio manager for the U.S. large cap strategies and all non-U.S. strategies.

Caroline Cai, CFA

— Pzena Investment Management, LLC (Sub-adviser)

— 1 Years with Fund

— 21 Years in Industry

Ms. Cai joined Pzena Investment Management in 2004. Prior to joining the firm, she was a senior analyst at AllianceBernstein LLP, and a business analyst at McKinsey & Company. She earned a B.A. summa cum laude in Math and Economics from Bryn Mawr College. Ms. Cai holds the Chartered Financial Analyst designation. Ms. Cai is a co-portfolio manager for the international (ex-U.S.) and global strategies, European Focused Value and Emerging Markets Focused Value Funds.

Allison J. Fisch

— Pzena Investment Management, LLC (Sub-adviser)

— 1 Years with Fund

— 20 Years in Industry

Ms. Fisch joined Pzena Investment Management in 2001. Prior to joining the firm, she was a business analyst at McKinsey & Company. She earned a B.A. summa cum laude in Psychology and a minor in Drama from Dartmouth College. At Dartmouth, Ms. Fisch was a member of the Phi Beta Kappa and Psi Chi national honor societies. Mr. Fisch is a co-portfolio manager for the emerging-markets and international (ex-U.S) strategies.

Growth of a $10,000 Investment
through 8/31/2019

Assumes an investment over 10 years or life
of the share class, reinvestment of dividends
and capital gains, and does not include the
effect of sales charges or taxes.

Perspectives

Depressed valuations may offer opportunity

Fear of recession has depressed valuations of many economically sensitive businesses. Contrary to popular belief, this may be an opportune time to invest.

Daily Prices
as of 9/13/2019

Net Asset Value (NAV)

$15.08

Daily NAV Change

$0.23

1.55%

Weekly NAV Change

$0.77

5.38%

Public Offering Price (POP)

$15.08

—

Fund Facts

Ticker Symbol

IYCUX

CUSIP

465899474

Fund Code

894

Fund Type

Global/International

Fund Inception

9/4/2001

Class Inception

12/19/2012

Fiscal Year End

March

Dividends Paid

December

Fund Assets(as of 8/31/2019)

$258.9 mil

Total Equity Holdings(as of 8/31/2019)

65

Total Holdings(as of 8/31/2019)

67

Portfolio Turnover Rate(as of 3/31/2019)

85%

Morningstar Category

Foreign Large Value

Lipper Category

International Multi-Cap Value Funds

Benchmark

MSCI EAFE NR USD

Benchmark

MSCI ACWI Value NR USD

Fund Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an
investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance does not include the effect of sales charges as Class R shares are not subject to sales charges.

Monthly Rates of Return
Average Annual Total Returns as of 8/31/2019

(Returns for periods of less than 1-yr are not annualized)

YTD

1YR

3YR

5YR

10YR

LIFE

Fund at NAV

0.22%

-12.51%

2.15%

-2.62%

3.63%

4.14%

MSCI EAFE NR USD

9.66%

-3.26%

5.91%

1.89%

5.00%

-

MSCI ACWI Value NR USD

8.01%

-2.61%

6.19%

2.82%

6.72%

-

Morningstar Foreign Large Value

4.79%

-6.88%

3.28%

-0.67%

3.63%

-

Quarterly Rates of Return
Average Annual Total Returns as of 6/30/2019

(Returns for periods of less than 1-yr are not annualized)

YTD

1YR

3YR

5YR

10YR

LIFE

Fund at NAV

7.41%

-6.23%

7.02%

-1.36%

5.54%

4.59%

MSCI EAFE NR USD

14.03%

1.08%

9.11%

2.25%

6.90%

-

MSCI ACWI Value NR USD

12.41%

4.33%

9.38%

3.77%

8.66%

-

Morningstar Foreign Large Value

10.52%

-2.01%

6.84%

0.08%

5.67%

-

Calendar Year Return

Select Year Range

2014

2015

2016

2017

2018

2009

2010

2011

2012

2013

2004

2005

2006

2007

2008

2003

Class R

-6.81

-11.63

11.97

16.03

-16.35

-

-

-

-

31.96

-

-

-

-

-

-

MSCI EAFE NR USD

-4.90

-0.81

1.00

25.03

-13.79

31.78

7.75

-12.14

17.32

22.78

20.25

13.54

26.34

11.17

-43.38

38.59

MSCI ACWI Value NR USD

2.86

-6.26

12.57

18.26

-10.79

-

-

-

-

22.43

-

-

-

-

-

-

Morningstar Ratingsas
of 8/31/2019

Category: Foreign Large Value

Overall out of 296

★

3 Year out of 296

★★

5 Year out of 243

★

10 Year out of 162

★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking
through 8/31/2019

Category: Foreign Large Value

Rank

Percentile

1 Year

314 /340

93

3 Year

196 /296

77

5 Year

209 /243

91

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar
Category based on average annual total return and number of Funds in that Category. The Morningstar
Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same
Category, where 1% = Best and 100% = Worst.

Expense Ratios
as of 7/31/2019

Net

1.68%

Gross

1.89%

Growth of a $10,000 Investment
through 8/31/2019

Assumes an investment over 10 years or life
of the share class, reinvestment of dividends
and capital gains, and does not include the
effect of sales charges or taxes.

Fund Distributions

Historical Prices
Inception 12/19/2012

Select Year & Month

Date

Price

Dividend Reinvest Date

Capital Gain Reinvest Date

Historical Distributions
Inception 12/19/2012

Select Year Range

Ex-date

Income

Capital Gains

Reinvest Gains

Payment Date

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this
fund's selected share class. NAV is the amount per share you would receive if you
sold shares that day.

12-Month Trailing Dist. Yield
as of 8/31/2019

NAV

0.28%

With Sales Charge

0.28%

Fund Documents

Top 10 Equity Holdings
as a % of net assets as
of 8/31/2019

Schneider Electric S.A.

Schneider Electric SE is a French multinational corporation that specializes in energy management, automation solutions, spanning hardware, software, and services.

3.32%

ENEL S.p.A.

Enel SpA is a multinational power company and an integrated operator in the electricity and gas sectors, with a special focus on Europe and Latin America. The Company is active in the generation and distribution of energy from conventional and renewable sources. It also offers integrated solutions for electricity and gas products.

3.23%

Roche Holdings AG, Genusscheine

Roche Holdings AG is a Switzerland-based pharmaceuticals and diagnostics company.

Volkswagen AG is a Germany-based automobile manufacturer. The Company develops vehicles and components, and also produces and sells vehicles, in particular Volkswagen brand passenger cars and commercial vehicles.

2.80%

Tesco plc

Tesco plc trading as Tesco, is a British multinational groceries and general merchandise retailer.

Rexel is a French group founded in 1967, which specializes in the distribution of electrical supplies to professional users. It distributes products and services in the areas of automation, technical supply and energy management.

2.67%

Travis Perkins plc

Travis Perkins plc is a British builders' merchant and home improvement retailer based in Northampton.

2.63%

A.P. Moller - Maersk A/S

A.P. Moller–Maersk Group, also known as simply Maersk, is a Danish business conglomerate with activities in the transport, logistics and energy sectors. Maersk has been the largest container ship and supply vessel operator in the world since 1996.

Additional Fund Literature

Financial Advisors may login to view fund's additional documents.

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Risk Factors: The value of the Fund's shares will change, and you could lose money on your investment. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. The value of a security believed by the Fund's manager to be undervalued may never reach what the manager believes to be its full value, or such security's value may decrease. These and other risks are more fully described in the fund's prospectus. Not all funds or fund classes may be offered at all broker/dealers.

Index Description: MSCI ACWI Value is an unmanaged index comprised of securities that represent the securities markets around the world. It is not possible to invest directly in an index. The MSCI information may only be used for your internal use, may not be reproduced or repurposed in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an ''as is'' basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ''MSCI Parties'') expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, salability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) Source: MSCI

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.

Effective July 31, 2018, Pzena Investment Management, LLC replaced Mackenzie Financial Corporation as the sub-adviser of the Ivy Cundill Global Value Fund. In connection with the change in sub-adviser, the Ivy Cundill Global Value Fund has been renamed to Ivy Pzena International Value Fund.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.21% of average daily net assets. Prior to that date, the reduction may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class N shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class I shares and Class A shares, respectively, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

The financial products and services described in this website are offered only in the United States, Puerto Rico
and the U.S. Virgin Islands. Nothing in this website should be considered a solicitation to buy or an offer to sell such products
and services in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction.

IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS® are managed by Ivy Investment Management Company and are distributed by Ivy Distributors, Inc., InvestEd℠ Portfolios are managed by Ivy Investment Management Company and are distributed by Waddell & Reed, Inc. These financial products are offered by prospectus only. Waddell & Reed Financial, Inc. is the ultimate parent company of Ivy Distributors, Inc. and Waddell & Reed, Inc.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund or portfolio.
This and other important information is contained in the prospectus and summary prospectus, which may be obtained here or from a financial advisor.
Read it carefully before investing.

IVY INVESTMENTS℠ refers to the investment management and investment advisory services offered by Ivy Investment Management Company, the financial services offered by Ivy Distributors, Inc., a FINRA member broker dealer and the distributor of IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS®, and the financial services offered by their affiliates.